Financial services company MMC Contrarian has paid $195 million to acquire the life insurance and wealth management units of health insurer Bupa Australia.

The Bupa businesses comprise life unit MBF Life and wealth management division ClearView Retirement Solutions. They will be rebranded as ClearView Wealth Limited.

MCC is backed by its largest shareholder, multinational investment company Guinness Peat Group. The deal is funded by cash and a $135 million fully underwritten capital-raising.

Former CommInsure MD Simon Swanson will be MD of MMC, while former MD Alex Hutchison becomes CEO of the MMC Wealth Management and Advice division.

MMC has agreed a 10-year exclusive distribution alliance with Bupa Australia to market life, health and wealth products to customers of both companies.

“Synergies from the acquisition are likely to be substantial,” MMC said in a statement. “The acquired businesses represent an ideal platform from which to grow the combined products and services.”

The deal is subject to regulatory and shareholder approval.